The Best and Most Popular Forex Platforms for Demo: Difference between revisions
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We are often asked about which broker is best to 'DEMO' on when a new trader is learning forex for the first time. | |||
Demo trading will not fully prepare you for live trading. However, demo is good for getting comfortable with forex concepts, learning how a platform works, learning order types, and understanding trade size and risks. You will still need to spend time learning to adjust to live trading when you eventually move from demo to real money, but demo is where you should start. Starting with a demo account is important as you get to know the basics. | |||
Forex is dominated by just a few major platforms. Some brokers offer platforms developed in-house by their own team, but most brokers offer platforms by one of two major vendors: '''MetaQuotes''' and '''Spotware.''' | Forex is dominated by just a few major platforms. Some brokers offer platforms developed in-house by their own team, and these are referred to as "proprietary platforms" as they are unique to their respective brokers, but most brokers will offer platforms by one of two major software vendors: '''MetaQuotes''' and '''Spotware.''' | ||
MetaQuotes offers the MetaTrader family of platforms. MetaTrader is the most wide spread platform in the retail forex world, so learning how to use MetaTrader means you can switch between brokeres without much of a learning curve. Right now MetaQuotes offers two versions of MetaTrader: MetaTrader 4, and MetaTrader 5. There's benefits and drawbacks of both version: | |||
MetaQuotes offers the MetaTrader platforms. | |||
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== | ==[https://geni.us/PepperMT4 MetaTrader 4 (MT4)]== | ||
Right now I'm recommending people use [https:// | Right now I'm recommending people use [https://geni.us/PepperMT4 Pepperstone] for their MT4/5 needs. You can [https://www.darwinex.com/open-demo-trading-account create a demo login with Darwinex here] and create as many perpetual demo accounts as you'd like. Why Darwinex? Because after registering a demo account with them, you can have all your account stats tracked and a score given. This allows you to compare strategies (just generate multiple MT4/5 accounts within your demo login for each strategy,) as well as give you metrics to work on as you are learning. I feel Darwinex does a better job measuring performance than you'll find elsewhere online and there's no need to link your data to a 3rd party since it's all in-house. | ||
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Revision as of 08:16, 3 March 2021
We are often asked about which broker is best to 'DEMO' on when a new trader is learning forex for the first time.
Demo trading will not fully prepare you for live trading. However, demo is good for getting comfortable with forex concepts, learning how a platform works, learning order types, and understanding trade size and risks. You will still need to spend time learning to adjust to live trading when you eventually move from demo to real money, but demo is where you should start. Starting with a demo account is important as you get to know the basics.
Forex is dominated by just a few major platforms. Some brokers offer platforms developed in-house by their own team, and these are referred to as "proprietary platforms" as they are unique to their respective brokers, but most brokers will offer platforms by one of two major software vendors: MetaQuotes and Spotware.
MetaQuotes offers the MetaTrader family of platforms. MetaTrader is the most wide spread platform in the retail forex world, so learning how to use MetaTrader means you can switch between brokeres without much of a learning curve. Right now MetaQuotes offers two versions of MetaTrader: MetaTrader 4, and MetaTrader 5. There's benefits and drawbacks of both version:
MetaTrader 4 (MT4)
Right now I'm recommending people use Pepperstone for their MT4/5 needs. You can create a demo login with Darwinex here and create as many perpetual demo accounts as you'd like. Why Darwinex? Because after registering a demo account with them, you can have all your account stats tracked and a score given. This allows you to compare strategies (just generate multiple MT4/5 accounts within your demo login for each strategy,) as well as give you metrics to work on as you are learning. I feel Darwinex does a better job measuring performance than you'll find elsewhere online and there's no need to link your data to a 3rd party since it's all in-house.
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Spotware offers cTrader (and cAlgo.) This platform family is newer but probably has been the biggest competition MetaTrader has seen in the better part of two decades.
Right now I'm recommending people use Pepperstone for their cTrader needs. You can create a demo login with Pepperstone here. Why Pepperstone? They have grown to be one of the largest retail FX brokers over the last decade and have amazing customer support. They will treat you well with questions even while you're demoing and, in my opinion, are the strongest cTrader offering out there at the moment.
I hope this helps anyone new to the FX game who is looking to master a platform and wrap their head around how the act of taking a trade even happens.
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